What good interest rate should someone open a savings account and when should they open an account?

Wanting to open a savings account, what interest rate is a good rate. Is there a specific time in the year one should open an account, spring time or summer or right before new years??|||yes it changes but not due to the time of the year -- base on the market and prime rate --- like every thing else shop around!!!!|||Interest rates will fluctuate and there are often intro offers. I would look for an interest rate between 4 and 5 percent(there may be some above 5%). FDIC insurance is a must. You might try to time rates a little more(they do not follow a seasonal schedule) for a CD. But with a money market or savings account, the sooner the better.|||their are no good rates in savings, might be lucky to find one at 1 % so best to do is start one and when it reaches 500 to 1,000 open a c/d and that will pay about 5 % and than keep putting money in savings until you get another 500 or 1,000 and either add that to you other one( but can only do that when it expires ) or open another one.|||they don't get much better than each other, they're mostly 5%, can't be more than 7%. If you're happy with that, just take it, not worth your time looking for better.





If you want significantly more, you're looking in the wrong market, try mutual funds, stocks, metals, other investments.|||I'm saving for a holiday so I searched online for the highest interest for an online savings account.





I ended up opening an account with RaboPlus which gives you a high level of online banking security, plus a massive interest rate of 7.25%! You can apply online with the below link. It's called the RaboPlus Savings Account.





Best of luck!|||The best time to save is now, why wait?





Most credit unions offer a little better rate than banks on share (savings) accounts but none are going to give you much, typically .50% to 1% tops. If you have enough - usually $500 - you might get a CD but that ties your your money for a while. Short term rates are dropping so expect less than 5%. There are money market accounts earning 2 - 3.50% but they require about $1000 or more to start. I've heard that WAMU has a 5% checking account but only if you open it on-line. Can't verify that. ING also has fairly good rates but you do everything by mail or over the Internet. Depends on your lifestyle.





While you shop around for the best deal, go somewhere and park it to start earning at least a little bit. As a minimum, you want to beat the inflation rate so your funds aren't losing purchasing power.